Zuercher Kantonalbank, Neue Zuercher Bank and the Zurich branch-office of Deutsche Bank have come under investigation by the Swiss Federal Banking Commission (EBK) over dealings in Sulzer AG (Nachrichten/Aktienkurs) shares, enabling Everest Beteiligungs GmbH to acquire a large Sulzer stake without notifying the company.
According to Swiss daily Tages-Anzeiger, EBK has confirmed that on Monday it searched documents at the three banks over a potential violation of shareholding disclosure regulations.
Two weeks ago, ZKB chief executive Hans Voegeli had announced he will step down at the end of May, thus taking responsibility for the sale of share options for its client Sulzer behind the company's back.
The move enabled Everest, which is jointly owned by Russia's Renova and Austrian investment company Victory Holding, to build up a substantial share stake without Sulzer's knowledge.